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Terms of shareholder agreement defining employment as “at-will” precludes claim that shareholder could only be terminated “for cause.”

January 1, 2019
Metro Commercial Management Services v. Van Istendal, Docket No. A-275-17T4 (App. Div., Nov. 19, 2018)

Van Istendal was an employee and minority shareholder in a closely held real estate management company. She took the position that her minority shareholder status mandated that she could only be terminated “for cause.” After being terminated, the plaintiff asserted a claim of minority oppression. However, the Appellate Division dismissed her claim based upon a finding that the shareholder agreement clearly specified that the employment relationship remained “at-will” and was not effected by the ownership interest. 

 

Case Law Alerts, 1st Quarter, January 2019

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